SCI CRT Awards Issue Oct 19

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Impact Deal of the Year IMPACT DEAL OF THE YEAR WINNER: ROOM2RUN As the first-ever synthetic impact securitisation with a multilateral development bank (MDB), Room2Run helped to free up vital capital for the African Development Bank (AfDB) to fund infrastructure projects across multiple African countries. As well as setting the benchmark for how risk transfer technology can be deployed innovatively and to positive effect, the transaction overcame a number of structural and regulatory hurdles in the process and so is a worthy winner of SCI’s Impact Deal of the Year award. Swazi Tshabalala, vp and cfo at the Af DB, comments: “The Room2Run transaction has attracted tremendous interest from institutional investors across the world, and this opens new pathways for the Bank and other MDBs to further explore the possibility of freeing up and recycling their scarce capital resources by unlocking a pool of financing from investors that have previously not considered African risk.” “ THE ROOM2RUN TRANSACTION HAS ATTRACTED TREMENDOUS INTEREST FROM INSTITUTIONAL INVESTORS ACROSS THE WORLD ” Mariner Investment Group acted as anchor investor on Room2Run and Molly Whitehouse, director at the firm, says that the transaction “surpassed our expectations”. She adds: “It energised the impact investing arena and the development bank community, sparking a number of conversations with other MDBs. Even a year on, the deal is still top of mind within many MDBs.” The transaction, Whitehouse says, required perseverance on all sides, “but it takes time to lay such significant new pathways.” The parties, she adds, sought to be mindful of the precedent that Room2Run would set for future MDB securitisations and the tremendous impact this would have for development finance as a whole. Furthermore, adds Whitehouse, with the foundation now in place, Room- 2Run has changed the landscape; other MDBs are evaluating similar strategies, looking to build on Room2Run as a proven and replicable model. The deal wasn’t straightforward, of course, and Mariner learnt several lessons. One was learning “how important it is to get buy-in from senior management and public shareholders within MDBs in order Structure overview AfDB non-sovereign portfolio Structure (RPA) Retained senior $727.5m Loan Retention (10%) $1bn reference portfolio corresponding to seasoned, pan-African loans, consisting of project finance (50%) and loans to financial institutions (50%), including development finance institutions EC guarantee fee $100mn EC guarantee Initial Exchange Amount $152.5m USD 3ML + interest margin Retained junior $20m 14 SCI Capital Relief Trades Awards | October 2019 www.structuredcreditinvestor.com
International Infrastructure Finance Company Funds Mariner Investment Group salutes the many extraordinary participants in the SRT market, the contributions of whom have added strongly to the industry’s growth over the last five years. We are proud to be an active member of the SRT market, working alongside our many talented peers and colleagues. Please contact IIFC@marinercapital.com for more information.
Page 1 and 2: Securitisation innovation in focus
Page 3 and 4: Editorial London, October 2019 The
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Page 7 and 8: Issuer of the Year SSPAIN 2019-A st
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Page 13: Transaction of the Year Note Rating
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Page 19 and 20: Investor of the Year INVESTOR OF TH
Page 21 and 22: Law Firm of the Year LAW FIRM OF TH
Page 23 and 24: CLIFFORD CHANCE - LAW FIRM OF THE Y
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Page 31 and 32: CRT News bank is a captive lender a
Page 33 and 34: CRT News Legacy SRT call possibilit
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SCI CRT Awards Issue Oct 19

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